Businesses and governmental agencies face a number of growing problems associated with identity-based fraud. For example, fraudsters can apply for credit, payments, benefits, tax refunds, etc. by misrepresenting their identity, by stealing and using identity information from another individual, or by using an identity of a deceased person. The associated revenue loss to the businesses and/or government agencies can be significant, and the process of verifying the legitimacy of the requester's identity can create costly delays.
Technically well-informed fraud perpetrators with sophisticated deception schemes are likely to continue targeting business and governmental entities, particularly if fraud detection and prevention mechanisms are not in place. Balancing the threats of identity fraud with efficient service for legitimate requests creates a significant challenge.